Binance.US HEX Lawsuit Revived by Appeals Court

• US appeals court revives HEX token manipulation case against Binance.US, reversing previous dismissal.
• Lawsuit claims Binance.US manipulated HEX token ranking on CoinMarketCap, causing price drop.
• Court finds sufficient US ties to hold Binance.US accountable for alleged HEX manipulation.

A U.S. appeals court has revived a class-action lawsuit accusing Binance.US and CoinMarketCap of manipulating the price of HEX token. The ruling overturned a previous dismissal, allowing the case to proceed. In a way, this decision breathes new life into a class-action lawsuit initially filed by Ryan Cox, who claims that the cryptocurrency exchange and its data platform, CoinMarketCap, unlawfully manipulated the ranking and price of HEX.

On August 12, a three-judge panel from the Ninth Circuit Court of Appeals reversed an earlier ruling by a district court. The district court had dismissed Cox’s claims in February 2023, citing insufficient proof of a connection between Binance.US’s actions in Arizona and the alleged HEX manipulation. The district court had ruled that Cox failed to establish a sufficient link between the exchange’s activities and the state of …

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